In a recent 11-day span, investors bought five Las Vegas Valley apartment complexes for $260 million combined. The sales were all made to different landlords, but their rapid-fire sequence underscores the valley’s heated rental market.

“It’s an absolute bidding war out there,” said Jim Gillen, director of property management for Long Beach, California-based RK Properties, one of the recent buyers.

Las Vegas’ apartment vacancy rate is among the smallest in the country, and rents are climbing faster than the national average. Lured in part by Southern Nevada’s relatively lower sales prices and expanding population, investors are betting they can fetch strong profit margins and boost rents while still keeping buildings full.

Buyers picked up 105 local apartment complexes last year for about $2.7 billion combined, compared to 31 for $346 million in 2011, when the economy was a mess, according to figures from brokerage firm Jones Lang LaSalle.

The recent burst of sales, between May 18-29, involved properties scattered around town.

Northwest valley complex Xander 3900 sold for $69.5 million; Aviata, near Sunset Park, sold for $67 million; Montecito Pointe, in the northwest, traded for $59.25 million; Henderson’s Adobe Ranch sold for $42.7 million; and Sandpebble Village, near Desert Inn Road a mile or so west of Interstate 15, traded for $21.1 million, according to Clark County records.

‘Strong rent growth’

Las Vegas, ground zero for America’s real estate boom and bust, was one of the hardest-hit areas of the country during the recession. Today, as one of the last places to recover, it’s “still seeing strong rent growth” and has more diverse job creation than in the past, said Noah Hochman, senior managing director of capital markets for TruAmerica Multifamily.

TruAmerica and Oaktree Capital Management, both based in Los Angeles, teamed up to buy Aviata. Hochman said average rents there are about $1,000 a month and that his group plans to raise them by $150.

He also said the group plans to make $8,000 worth of upgrades to each unit, as well as improvements to common areas such as the gym, leasing office and business center.

JLL apartment broker John Cunningham, who represented Montecito Pointe’s seller in the deal with RK Properties, also chalked up the strong investment levels to Las Vegas’ potential rent growth and its diversifying, albeit still tourism-dependent economy.

And because apartments sell for lower prices here than in other large markets, investors hope to land better returns, Cunningham said.

“It’s on as sound a footing as it’s been in a long time,” he said of the rental market.

Investment firm Kennedy Wilson announced that it sold the complex as part of a $422 million, six-property portfolio sale. It would not confirm Xander’s exact sales price or that Blackstone bought it, but it said “a single entity acquired the entire portfolio.”

Operators of the Pinball Hall of Fame have been approved to build a new, larger arcade near the south edge of the Strip on Las Vegas Boulevard near Russel Road. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

National Hardware Show underway Las Vegas

The National Hardware Show kicked off Tuesday at the Las Vegas Convention Center (Mat Luschek / Review-Journal)

Caesars for sale?

Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.

Las Vegas home prices

Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas' price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.

Free Parking Coming To Wynn

Free parking will come to the Wynn and Encore resorts on May 1, 2019. (Mat Luschek / Review-Journal)

Founding Venetian employees talk about 20 years at the Strip resort

The Venetian, which opened May 3, 1999, is celebrating 20 years on the Las Vegas Strip. Seven original employees talk about opening the luxury resort and working there for two decades. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

Circa aiming for December 2020 opening

The 1.25-million-square-foot property will have 44-stories and 777-rooms. It will also have a separate nine-story, 1,201-space parking garage.

Boxabl official explains the building concept

Boxabl business development manager Galiano Tiramani shows off a room built by his company. (Blake Apgar/Las Vegas Review-Journal)

TI/Mirage Tram reopens

The tram that shuttles guests between TI and Mirage reopened this week after being closed for much of 2018.

Las Vegas Convention Center expansion taking shape

Renderings and actual footage show how the Las Vegas Convention Center is evolving.

Japan’s NHK Science & Technology Research Laboratories booth featured a 1mm thick 8K TV system used in conjunction with a 22.2 channel digital sound system at the National Association of Broadcasters Show at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

Business reporter Rick Velotta gives an update on the adjudicatory hearing on the suitability of Wynn Resorts to retain its gaming license in Massachusetts.

Henderson app developer part of Startup in Residence

Henderson based developers of the app On Point Barricade are taking part in Startup in Residence, a North America program dedicated to pairing tech companies with governments. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

Sam's Town employees and customers talk of their love for the iconic casino

Longtime Sam's Town employees and customers love each other and love their casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

Las Vegas apartments rents

Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants have filled buildings.

William Boyd talks about the birth of Sam's Town

On the eve of the 40th anniversary of Sam's Town, William Boyd, executive chairman of Boyd Gaming and son of hotel namesake Sam Boyd, talks about how the casino became one of the first local properties in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto

There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’
A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.

MGM's sports betting deals

MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.

Faraday puts Las Vegas land on the market

Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)

The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)

The state Assembly approved a bill last month that would make it easier for homeowners to pursue construction defect claims — and potential lawsuits — against builders, contractors and others who worked on their houses.